Hong Kong’s foreign trade gap widened markedly in January from a year ago, as imports grew much faster than exports, data from the Census and Statistics Department showed Tuesday.
The visible trade deficit rose to HK$31.9 billion in January from HK$12.3 billion in the corresponding month last year.
However, the deficit declined from HK$59.9 billion in December. The expected shortfall was HK$20.3 billion.
Exports surged 18.1 percent year-over-year in January, faster than the 16.1 percent spike economists had forecast.
Imports jumped 23.8 percent annually, well above the expected growth of 18.9 percent.
“Looking ahead, the solid expansion of the global economy should continue to be supportive of Hong Kong’s exports in the near term,” a government spokesman said.
“However, the trading environment is still subject to various uncertainties, including continued US monetary policy normalization amid a complicated global monetary environment, potential rise in trade protectionism in major economies and heightened geopolitical tensions in various regions.”
Source: RTT News